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2012 (6) TMI 654 - HC - Income TaxJustification in setting aside the assessment in exercise of powers under section 263 by Commissioner - Held that:- The prerequisite to the exercise of jurisdiction by the Commissioner is that the order of the Income-tax Officer is erroneous in so far as it is prejudicial to the interest of the Revenue - the AO has passed a single order for six assessment years in question under section 148, initiating the proceedings on the basis of differences as found in the investment shown by the assessee and as per property valued by the departmental valuer - the AO shows complete non application of mind as he has not discussed as to what was the difference between the value estimated by the departmental valuer as also given by the assessee's valuer and what was the reason for determining the income at such a low figure - Tribunal had committed error in holding that the assessment order in so far as it ignored difference in the two values of two different valuers was not erroneous or prejudicial to the interests of the Revenue - against assessee.
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